Price-level targeting
No one monetary policy target optimal – Bank of Canada paper
Flexible inflation targeting one of best performers in “horse race” with other options
Fed adopts average inflation target
Powell says FOMC will also allow employment to run above estimated maximum level
Bank of Canada seeks public views on inflation targeting
Canadian central bank aims to increase public engagement with monetary policy review
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for a Janet Yellen-supported Fed move to adopt elements of price-level targeting. But questions remain about the timing of such a move
Above-target inflation ‘essential’ for dual mandate – Chicago Fed’s Evans
Evans is second senior Fed official to back new inflation-targeting approach in recent weeks
Fed’s Brainard backs ‘flexible inflation averaging’
Governor hints at possible outcome of Fed’s policy framework review
Carney launches review of BoE monetary policy
“Deep structural changes” have left little space for conventional tools to work, governor says
Trump nominates two candidates for Fed board
Judy Shelton and St Louis Fed’s Christopher Waller will now face Senate confirmation hearing
Williams favours average inflation targeting in new research
New York Fed president analyses three groups of inflation-targeting regimes
Mester not yet convinced on alternative monetary policy frameworks
Enhancing Fed communication is an “essential component”, Cleveland Fed chief says
Fed should target inflation range – Boston president
Policy is similar to price level and inflation averaging targets, but is easier to explain, Rosengren says
Bernanke argues for ‘time-limited price targeting’ policy framework
Committing to make up inflation shortfalls in past year would avoid overshooting, paper finds
NY Fed’s Williams advocates change to inflation-targeting framework
But Don Kohn prefers to keep status quo with some supplementary policies
Book notes: Keeping at it, by Paul Volcker with Christine Harper
Volcker, a man who has made history, delivers a fascinating memoir, providing insights into the key lessons learned during his decades of public service, writes Jean-Claude Trichet
Janet Yellen backs form of price-level targeting for Fed
Former chair says current system risks downward spiral of long-term rates
Bank of Canada to weigh up alternatives to inflation targeting
Central bank will hold “full horse race” between nominal GDP targeting and other alternatives, Wilkins says
‘Bernanke targeting’ may outperform Taylor rule – Fed paper
Paper tests Ben Bernanke’s proposal for temporary price level targets
Central banks do not have tools to change productivity growth – Haldane
BoE chief economist says governments are responsible for productivity, challenging proposals in recent report
Mester backs review of Fed’s inflation targeting framework
Cleveland Fed president says 2% target may not be suitable for low interest rate environment